Blockbuster Agrees to $290 Million Bid From Creditor Group
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Blockbuster Inc., the bankrupt movie rental chain, agreed to be bought by a group of debt holders for as much as $290 million as part of a bankruptcy auction.
The Dallas-based company said the bid from Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Värde Partners Inc. would set the minimum at an auction. The company will seek approval for the plan from U.S. Bankruptcy Judge Burton Lifland in Manhattan at a hearing scheduled for March 2.